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Simpson Thacher Advises on the Two Largest Private Equity Funds Raised in the First Half of 2023


Simpson Thacher advised on the two largest private equity funds raised during the first half of 2023, according to Preqin data featured in a Law360 article titled, “Inside The Largest PE Funds To Close In 2023's First Half.” The Firm advised Blackstone in the establishment of Blackstone Real Estate Partners X, which closed at $30.4 billion, making it the largest real estate or private equity drawdown fund ever raised. Simpson Thacher also advised Blackstone Strategic Partners in connection with the final close of Strategic Partners IX at $22.2 billion, the largest dedicated secondaries fund raised to-date in the world. In discussing the fundraising market during the first half of the year, Michael Wolitzer, Head of the Firm’s Investment Funds Practice, told Law360, “When you look at the top funds, it's a real mix...I think it plays to this diversification by the limited partners. Fundraising has been more muted in the first half, but I think what this top funds list shows is that market-leading sponsors in each of their respective asset classes can raise capital.” Meanwhile Funds Partner Parker Kelsey explained that he wasn’t surprised to see a secondaries fund in the top two, noting that, “It seems to be still a very hot asset class and something that continues to get a lot of attention.”

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